How will school custodians of Perkins assets fare under the proposed legislation?
Under SAFRA, we must stop lending on July 1. Any cash we have on hand will be sent to the Department of Education, minus the portion that represents our institutional matching share. If we choose to continue servicing existing loans, we must remit the federal share of repayments to ED quarterly. If we choose to continue servicing existing loans, we can pay ourselves an allowance equal to one half of one percent of the balance in service. If we choose not to service, we would be required to assign our loans to ED. How will new student borrowers with Perkins loans fare under the proposed legislation? These are the people who will be affected the most. We’ve always used Perkins as the first loan for the neediest students. Even for the neediest of students, a Direct Perkins loan willnow act much like an unsubsidized Stafford loan. They’ll pay or accrue interest from day one. That interest change will add twenty to thirty percent to a Perkins borrower’s debt load. All occupational cancellat
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